Problem: Jessica's Furniture Store buys a couch at a wholesale price of $\$113.00$. If the markup rate at Jessica's Furniture Store is $45\%$, what is the markup for the couch? $\$\ $
Remember that a markup rate is a percentage of the wholesale price that a store adds to get a selling or retail price. The amount of markup can be found with the following equation: markup rate $\times$ wholesale price $=$ amount of markup Since the markup rate is a percentage, we have to convert it into a decimal first. Percent means "out of one hundred," so $45\%$ is equivalent to $\dfrac{45}{100}$ which is also equal to $45 \div 100$. $45 \div 100 = 0.45$ Now you have all the information you need to use the formula above! $0.45$ $\times$ $\$113.00$ $=$ $\$50.85$ The amount of markup on the couch is $\$50.85$.